For many years in the UK, there was a general view that people lived in rented accommodation because they had to. Phrases such as “rent is just dead money” were widely used, and renting seemed to be reserved for young people who were not ready to commit to property investment and undecided about where they wanted to permanently live.
Recent years have seen the rental market change dramatically, and we are now seeing a substantial rise in the age of renters as more and more people continue to rent and flatshare well into their 40s and 50s. Changes in cultural aspirations and lifestyles mean that many people have avoided setting foot on the property ladder. Many people do not want to be tied down to a mortgage, and choose the flexibility and convenience of renting as an alternative. Put simply, renters enjoy the freedom that living as a tenant affords them.
In previous generations, a large proportion of people would marry and buy a starter home in their 20s but flatsharing websites have now seen an unprecedented boom in the number of older people looking for rental accommodation. In the last two years more than 60,000 people over the age of 40 placed “room wanted” adverts with one of the UK’s largest flatsharing websites Spareroom. This reflects an increase of 20,000 in five years. People over the age of 40 now count for one in eight of those looking for a room in a shared house.
HMOs offer landlords and investors lucrative opportunities as the numbers of single renters continues to rise. If you have a large property, we can help you turn it into a high yielding multiple occupancy house. Alternatively we can help you find the right property for transformation into a HMO, if this is the right course of action. We offer a free appraisal and we can give you an accurate figure in terms of the maximum rental amount you can expect. By turning your property into a HMO or hostel you can offer shared bathroom and kitchen facilities and potentially increase your tenant occupancy from just one to three or four, depending on the number of rooms. We can assist with HMOs and block management throughout Croydon and the rest of the capital, ensuring that you receive attractive investment returns and long term security.